Strategic vision.


The diversification of Noshaq was undertaken with the desire to expand the sectors and areas of intervention. Noshaq has therefore established a real eco-diversity policy to be even more at the service of the Liege economy and its growth.

The Noshaq Group wishes to be the driving force behind the implementation of the necessary tools to make the Liege region a biotope organised for the growth of companies.

In this way, Noshaq is involved in the development of various socio-economic structuring ecosystems.

1. Biotech

Life sciences make a very significant contribution to economic redeployment in the Liege region. 4,000 people are employed directly in this sector, which also provides about 300 new jobs every year.

For several years, Noshaq and its partners, via B2H, have had a global and coherent strategy for the life sciences sector, with the goal of positioning Liege at international level, by reinforcing its attractiveness and creating a favourable ecosystem for the emergence and growth of projects in this sector.

The strategy is based on a four-pillar approach:

  • Funding
  • Sectoral expertise
  • Appropriate infrastructures
  • Support services

Noshaq works to inspire and co-fund ambitious projects, which meet the needs of companies in the healthcare sector.

2. Digital

By means of its LeanSquare investment fund, Noshaq positions itself as a driving force for a changing economic world, within a digital sector that is now part of the structure underpinning economies in the 21st century.

LeanSquare is an investment fund specialising in three axes (ICC, Enterprise Software, Life Sciences) and well kmown for making an impact by supporting innovative projects. Based on a close and trusting relationship, LeanSquare uses its capital, expertise and network to support mature start-ups with their growth strategies.

Every year, LeanSquare organises two specialist support programmes. Wallifornia Musictech is aimed at start-ups working in the EntertainmentTech sector, while SportsTech Belgium – in partnership with Agoria, EVS and the Royal Belgian Football Association (RBFA) – focuses on technology in the world of sport.



allocated investments.


start-up invested in since 2014


start-up in its portfolio at present (Belgium, France, UK, US and Germany)

3. Industry and Industry 4.0

Industrie 4.0

Since 1985, Noshaq has been funding the transition of industrial companies in the Liege region towards new markets and supports them by means of investments aimed at improving their performance.

Nowadays, increasing digitalisation, energy and ecological transition are crucial when it comes to maintaining a competitive and sustainable industrial fabric. For this reason, the Noshaq group has made industry a major factor in its investment strategy.

Noshaq wishes to help traditional industrial companies to integrate cutting-edge technologies in order to improve their performance. Noshaq also develops and invests in an ecosystem of companies working in technologies required for the transition, such as those involved in Industry 4.0.

In addition to purely financial aspects, Noshaq’s role is based on a range of infrastructures (office and factories), partnerships and the provision of experts (academic, R&D centres, industrial consultants, etc.) and support during organisation transformation phases.

For this purpose, Noshaq also arranges occasional meetings with reference entrepreneurs, as part of a conference cycle entitled “The Industrialist”, which unites the industrial ecosystem around common themes. Our goal is to help entrepreneurs who are keen to become leaders in their respective fields.

  • Strategic intervention pillars:
    • Technological expertise
    • Infrastructure
    • Support
    • Funding
  • Intervention in partner funds:
    • Inudstrya
    • The Innovation Fund
    • The Faktory
    • FICI
    • Innovation Fund
  • Production industries:
    • Mechanical
    • Spatial
    • Chemical
  • Industry 4.0 technologies:
    • Sensors and IOT
    • AI & Big Data
    • Robotics and automation
    • Computervision
    • Cybersecurity & management software

4. Property

Noshaq Immo is the property subsidiary of the Noshaq group. Established in 1986, it has made investments amounting to over 400M€, with capital amounting to 65M€.

Noshaq Immo is the transversal tool of the Noshaq group for property transactions, property development projects, group investments and much more.

Noshaq Immo is also a tool, which makes it possible to develop structuring or strategic projects that serve to support the group’s other ecosystems, such as La Grand Poste for digital and LégiaPark for life sciences. Its three strategic axes are urban revitalisation, brownfield rehabilitation and industrial infrastructures.


Noshaq Immo’s goal is to enhance the property dynamic of the Noshaq group (new acquisitions, projects, etc.) and position itself as one of the players facilitating the reconversion of industrial sites.


  • Institutions
  • Funds
  • Real estate operators
  • Private investors
  • Companies with projects

Urban revitalization:

  • Liege’s Creative District (La Grand Poste & Relais Grand Poste, Madeleine 4.0, Hôtel Baar-Lecharlier)
  • Martin Frères (Verviers)
  • La Coopérative (Huy)

Brownfields rehabilitation:

Industrial infrastructures:

5. Agri-food

In a changing world, Noshaq positions itself as a pioneer in the development of agri-food companies for the future. An approach focusing on process innovation, sustainable solutions and economic model performance.

Noshaq keeps an especially close eye on the changing consumption trends, as well as respect for the planet and the development of short circuits. It is keen to promote producers, which are working to develop a sustainable and high quality agri-food industry, whether they are based in the Liege region or wish to expand there.

This goal also involves supporting sponsors of agricultural projects that respect the environment and its resources. This is a practical way of encouraging our ecosystems to be resilient, while increasing food independence.

Noshaq is also aware of the challenges facing the sector, the need to feed a growing population and the biological limitations of intensive agriculture, while prioritising strategic investments in companies that offer growth models at production, environmental and economic level.

While relying on the region’s strengths, as well as trusted strategic partners, the aim is to encourage the development of investment opportunities in growth projects, while positioning the Liege economy and, in a broader sense, Wallonia, as the spearhead of the forthcoming green revolution at global level.

  • Agrotech / Foodtech
  • Agricultural transition
  • Food production
  • Agro-energy

6. Cultural & creative industries

Cultural and creative industries are an economic driving force rooted in creativity. They are also a major employer at local level, as well as a source of many innovations that support growth. For this reason, they represent a decisive, strategic axis for Noshaq.

From cinema to music, video games, visual arts and media, CCIs work in a variety of sectors, all of which contribute to digital creativity and content production, as well as replicable and commercial cultural experiences. These fields and practices have seen radical changes affecting their production methods and consumption, while offering new opportunities, which Noshaq plans to embrace, by supporting creative companies financially with their entire growth path.

CCI companies receiving investments from Noshaq benefit from a dedicated team with sectoral expertise and a major capacity to interact with the CCI ecosystem.

7. Energy

One of the key challenges facing us in the 21st century is that of providing companies and individual people with a stable, plentiful and environment-friendly supply of energy. Noshaq wishes to contribute to this major challenge by supporting transition entrepreneurs that promote forward-looking energy solutions, whether this involves optimising current uses or exploring new sources.

This is a rapidly growing sector, in which entrepreneurial innovations have seen exceptional growth over the last few years. From storage solutions to high capacity batteries, smart grids, offshore wind farms, green hydrogen, CO2 conversion and electric motors, there is no lack of opportunities and the Liege region, which is well known for its engineers, has a part to play.

By overseeing and financially supporting energy transition entrepreneurs, Noshaq plans to  participate in the emergence of structuring industrial projects, which make it possible to develop solutions that respond to the major environmental and climate challenges facing us.

Creative district


Whether it’s the new businesses moving in, the flourishing architectural renovation and the increasing associative activities, Noshaq is convinced that this neighbourhood has become a truly creative district, an inspiring place with high potential. This is why we are developing several large real estate projects there.

Noshaq HQ

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La Madeleine 4.0

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Le Fiacre

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La Grand Poste

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